An IPO of Airtel Money could come next year, parent Airtel Africa said on Thursday alongside the release of financial results that prompted a slump in its share price. 

Airtel Africa's London-listed shares were down 8.1% at 156.5p after 3pm in London, having been down as much as 10.8%, following results for the year to March 31 showing an 11.1% fall in operating profit to US$1.46bn.

Chief executive Sunil Taldar said the company is making “significant progress in our preparations for the Airtel Money IPO and remain committed to this objective. However, we are also mindful of evolving market conditions". The listing is being prepared for the first half of next year.

Reports in 2024 of a potential IPO for the mobile money unit suggested a valuation of around US$4bn.

Mobile money revenue was US$994m for the year, up 18.8% and 29.9% on a constant currency basis, and underlying Ebitda was US$525m for the year, giving a margin for the unit of 52.8%.

Mobile money subscribers increased 17.3% to 44.6 million at the end of March compared with a year earlier and the annual transaction value increased to US$136.5bn, a 32% increase at constant currencies.

Airtel Africa floated in London for £541m in June 2019 with a £3.1bn market capitalisation after pricing at 77p per share. The market cap is now around £5.8bn.

Airtel Africa has also carried out IPOs for Airtel Malawi in 2020 and Airtel Uganda in 2023.

Source: IFR